First Midwest Bancorp in Chicago has agreed to buy Northern States Financial in Waukegan, Ill., for roughly $91 million in stock.
The deal would further expand the $14.3 billion-asset First Midwest’s reach within the greater Chicago market. First Midwest said Thursday that it would pick up $320 million in loans and $400 million of deposits with the transaction.
The $485 million-asset Northern States, which is the holding company for NorStates Bank, operates eight offices in Lake County, Ill., which is about an hour north of Chicago.
“We are very excited to welcome NorStates Bank to First Midwest and build on the strong relationships that NorStates has with its customers,” Michael Scudder, First Midwest’s chairman and CEO, said in a press release. “This combination continues our expansion in the greater Chicagoland area and enhances our presence in Lake County where we have long-standing, deep roots.”
First Midwest has been an active acquirer, buying eight banks, including four failed institutions, since 2009.